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The GCF's direct access modality, primarily operationalized through institutional accreditation, has largely failed to enable a diverse range of national entities to access funding at scale. While the number of Direct Access Entities (DAEs) has grown, the portfolio remains highly concentrated among a few well-resourced financial institutions, with 63% of DAEs having no approved projects. The report finds that the high transaction costs of accreditation and project design favor high-capacity institutions, while support mechanisms like the Readiness and Preparatory Support Programme (RPSP) and Project Preparation Facility (PPF) have not effectively leveled the playing field. Implementation challenges for DAEs are similar to those of International Accredited Entities (IAEs), though DAEs show better adaptability to national governance disruptions. The report recommends diversifying access pathways beyond accreditation, clarifying the strategic vision for direct access, and enhancing implementation support.